It has been suggested that companies that do not understand the importance of customer data management are less likely to survive in a post-pandemic modern economy.

Your customer data could be your business’s most valuable asset. But there are a few things to consider if your intentions are, to create a truly data-focused organization.

Pretectum feels that data is foundational for building business information.

We see it as essential for creating customer knowledge, and ultimately the driving force behind correct tactical and strategic decisions and business actions.

If your customer data is relevant, complete, accurate, meaningful, and actionable, it then becomes instrumental in driving the growth of the organization. If it has deficiencies it can prove to be a useless and even a harmful inhibitor to not just growth, but also business sustainment.

Customer data management initiatives should be put into play to systematically create and maintain customer master data and increase the organizational potential and these should focus on quality and control.

The most successful organizations manage their customer data cycle well by managing the way customer data is created, stored, maintained, used, and retired.

When customer data management is truly managed effectively, the customer data life cycle commences even before any customer data is acquired.

Data management is the function of planning, controlling, and delivering data effectively in any organization.

Data management includes practicing a discipline in the development, execution, and supervision of plans, programs, policies, and practices that protect, control, deliver and enhance the quality and value of data and information in the organization.

Why you should do it

Risk mitigation

Not only is there an expectation as a result of privacy and compliance, but there is also the question of business reputation. An organization that fails to maintain and assess its customer master data can be subject to non-compliance prosection or personal litigation

Security of customer master data is therefore very important and proper and appropriate data management helps in making sure that data is never accessed in an inappropriate or unauthorized way and is protected inside the organization.

Data security is an essential part of data management and Pretectum takes pride in the fact that it uses the latest methods and techniques to ensure that customer data remains secure and protected but is still able to be used by the business as required. 

Making use of a modern cloud platform like the Pretectum C-MDM protects not only the integrity of the data but also provides assurance to employees and companies that data loss, data breaches, and data thefts are less likely.

Effective data quality

There should be little doubt that a structured and planned approach to customer data collection, curation, and review, will lead to better data quality. Improvements to data management practice, however, do need to be considered as something progressive.

It is rarely possible to simply implement a software solution and expect there to be an immediate change in the status of your customer master data. There likely needs to be a rethink of all the participants in the data management process, an evaluation of roles and responsibilities, and the establishment of some data quality measures. This is typically covered by a digital transformation project but can also be driven by a data management organization that functions at a level of maturity despite perhaps making use of largely manual controls, processes, and methods.

After the implementation of a platform like the Pretectum C-MDM, your business will see improved data management which in turn will help in improving data quality and data access. For the business as a whole, this often translates into less friction in engaging with customers and improved decision-making.

Doing things right is doing things better…

Peter Drucker is quoted as having said “Efficiency is doing better what is already being done“. At Pretectum we feel that there must be a better way to manage your customer data and that, data managed properly, updated, enhanced, and made accessible, will enhance organizational efficiency. Conversely, inaccurate, mismanaged data will waste precious time and resources.

Eliminate errors, eliminate waste…

Only through effective customer data management will you minimize the occurrence of errors and reduce the damage that bad master data can cause. Transcription, poor integration, and legacy methods used for capturing customer data introduce a greater likelihood of customer master data errors. With centralized customer master data management underpinned by data validation and data quality, your business has the best chance at creating and retaining the most valuable business data asset – your customer master.

Contact Pretectum to learn more about how they can help.